PayPal will start buying and selling crypto in the UK

In this example, a smartphone with the PayPal logo was installed on a laptop on July 14, 2021. REUTERS / Dado Ruvic / Illustration

LONDON, Aug. 23 (Reuters) – PayPal Holdings Inc (PYPL.O) will allow customers in the UK to buy, sell and hold bitcoin and other currencies from this week, the company said Monday.

The release, which marks the first global expansion of PayPal Cryptocurrencies services outside the United States, could lead to a further major adoption of the new asset class.

San Jose, a California-based company with more than 403 million active accounts worldwide, is one of the largest financial services companies in the world.

PayPal began buying and selling cryptocurrency in the United States earlier this year, enabling customers to use their digital coin holders to make purchases through millions of merchants on the network.

He hoped the company’s entry into the new asset class would encourage the use of virtual currencies and prepare the network for new digital currencies that could be built by corporations and central banks.

We are committed to continuing to work closely with regulators in the UK and around the world – to provide our support – and to make a meaningful contribution to shaping the role.

Digital currencies will play a key role in global finance and trade in the future, ”said Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies in Papal.

In the UK, PayPal’s services compete with established cryptocurrencies such as Coinbase Global Inc (COIN.O), as well as Fintech’s startup Revolut.

Customers can purchase bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or in a mobile app.

The move comes as more and more established financial companies are offering their customers, consumers and institutions, access to digital assets, with the rise of cryptocurrency. Read more

Anna Irera Report; Edited by Jason Nellie

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